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Dogecoin market capitalisation jumped by $2 billion in one hour.
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[QUOTE="Mika, post: 242246, member: 29399"] This does not surprise me because every minute 10 thousand dogecoins are released in the dogecoin network through the process of mining, which means in one hour 600,000 new dogecoins will be released in the market. Market cap means the total worth of something based on its availability. Market cap is directly proportional to the price and the availability. IN terms of dogecoin perspective, every hour the circulating supply will increase by 600K, the 600k new coins are released, the market cap will appreciate by the number of new coins times the value per coin. Ever since the news about Musk taking over Twitter started circulating in the market, people started to invest in dogecoin. This created the demand for the meme coin, and when there is a demand the value will also go up (this is how crypto market operates). Since Musk was promoting dogecoin on Twitter in 2021, people assumed that after Musk buys dogecoin, he will again continue to push the coin and the investors will start benefiting. However, Musk intention is unknown even in terms of Twitter course action, let alone dogecoin. I lost faith on dogecoin a long time ago because I believe the unlimited supply will never help the price to go too high [/QUOTE]
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Dogecoin market capitalisation jumped by $2 billion in one hour.
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